The 5 biggest mistakes smart people make when selling a home.
#1 Basing your asking price on needs or emotion rather than market
value.
Many times, people make their pricing decisions based on
how much they paid or invested into their home. This can be
an expensive mistake. Overpriced homes take longer to sell
and eventually net the seller less money. Consult with a professional
real estate agent. They can assist you in pricing your home
correctly for the beginning.
#2 Failing to "showcase" your home.
First impressions are the most important. Experience shows
that for every $100 in repairs that your home needs, a buyer
will deduct $300-$500 from their offer. Thoroughly clean and
prepare your home before you put it on the market
#3 Signing a listing contract with no way out.
Most traditional real estate agents want you to sign a listing contract with no way out. When you list your home with me, you can cancel your listing agreement at any time, no questions asked.
#4 Choosing the wrong agent or choosing them for the wrong reasons.
Many homeowners list their home with the agent who works for the
biggest company. You need to choose the agent with the best
marketing plan and track record to sell your home.
#5 Not knowing all of your legal rights and obligations.
Real estate law is complex. The contract that you will sign when
selling your home is legally binding. Small items that are
neglected in a contract can wind up costing you thousands
of dollars. You need to consult a knowledgeable professional
who understands the in's and out's of a real estate transaction.
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The seller can generally be expected to pay for:
- title insurance premium & escrow fee
- real estate commission
- documentary transfer tax ($1.10 per $1000.00 of sales price)
- any city transfer or conveyance tax
- any loan fees required by buyer's lender
- payoff all loans in seller's name (or existing loan balance if being assumed by buyer)
- interest accrued to lender being paid off, statement fees,
re conveyance fees and prepayment penalties
- termite inspection (according to contract)
- termite work (according to contract)
- home warranty (according to contract)
- any judgment's, tax lines, etc., against the seller
- tax pro ration (for any taxes unpaid at time of transfer of
title)
- any unpaid homeowner's dues
- recording changes to clear all documents of record against
seller
- any bonds or assessments (according to contract)
- any and all delinquent taxes
- notary fees
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The distinction between personal property and real property can
be the source of difficulties in a real estate transaction. The
purchase contract is normally written to include all real property;
that is, all aspects of the property that are fastened down or an
integral part of the structure. For example, this would include
light fixtures, drapery rods, attached mirrors, trees and shrubs
in the ground. It would not include potted plants, freestanding
refrigerators, washers and dryers, microwaves, book cases, swag
lamps, etc. If there is any uncertainty weather an item is includes
in the sale or not, it is best to be sure that the particular item
is mentioned in the purchased contract as being included or excluded.
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